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Chicago, Illinois, United States. Health Care Service Corp. has named a new chief executive with a three-decade history working for the company to lead the parent of Blue Cross and Blue Shield plans in five states. Finch stated that "lack of geographic diversification has historically kept HCSC out of the 'AA' rating category and that HCSC would be downgraded if it were no longer to market itself as a Blues plan. Maurice Smith . To view this file, you may need to install a PDF reader program. During 2014 HCSC profits decreased "from medical losses and expenses associated with the company's aggressive addition of members sourced from ACA exchanges". The nation's biggest health insurance company paid $13 billion for pharmacy benefit manager Catamaran in 2015 and spent additional billions acquiring physicians groups, including the $4.3 billion purchase of DaVita Medical Group in June. Last year's $70 billion merger of Aetna and CVS Health joined one of the nation's largest health insurers with its biggest pharmacy chain. [2] HCSC's membership was approximately 16 million at December 31, 2019. Other insurers are more aggressively hiring their own doctors or acquiring practices. Copyright Health Care Service Corporation. File is in portable document format (PDF). Since that time, he worked in many functions at HCSC assuming increased responsibility, excelling in each position and demonstrating solid strategic leadership. 312.653.7581 Since then, he has held a number of executive roles with increasing responsibility, including senior vice president, Business Development and Subsidiary Management, divisional vice president, Business Development and Subsidiary Management, and vice president of Corporate Transactions and Business Analysis. "On behalf of the entire Board of Directors, I am pleased that . Maurice Smith. Insiders at Health Care Service say Smith is very community-oriented and that will serve the companys health plans well as the industry moves to address social determinants of health. Chairperson: Maurice Smith. "We will continue to take action to focus and execute on a strategy that will propel this exciting and innovative company into the next phase of its evolution, while providing long-term value to customers, medical and other health care providers, employees and other partners in the dynamic health care industry," he said in a statement. Behavioral health could be another opportunity for the insurer, he adds. HCSC was formerly known as Hospital Service Corporation and changed its name to Health Care Service Corporation in 1975. HCSC is the fifth-largest health insurer in the US overall and employs more than 23,000 people. The company has about 24,000 current employees and is expected to add about 1,000 new jobs in customer and provider service, technology and digital capabilities this year, according to Thompson. 15% of HCSC employees are Hispanic or Latino. Throughout his nearly 28 years of service with HCSC, Smith also previously served as president of its Illinois health plan, where he was responsible for the overall financial performance, long-term growth strategy and strategic planning of Illinois' largest health insurance company. Chicago, IL 60601 He will begin this new position immediately. In an internal memo about the layoffs, HCSC President Maurice Smith told employees, We made a number of changes to ensure we have the structure and resources to best serve our members now and into the future, Crains reported. It's the dominant insurer in Illinois, Montana and Oklahomaand it's a close No. Health Care Service Corp. (HCSC) on May 5 named Maurice Smith its new president and CEO, effective June 1. Health Care Service Corporation, a Mutual Legal Reserve Company. I am honored to lead HCSC, a company that for more than 90 years has focused on innovation, execution and through the dedication of our nearly 24,000 employees helped expand access to quality, cost-effective health care to all Americans, said Maurice Smith. Smith wasn't made available for an interview. President and Chief Executive Officer. File is in portable document format (PDF). "Maurice is an accomplished leader with a long track record of innovation. Maurice was Chairman of the Board for Dearborn National Life Insurance. "Maurice has deep industry experience and a proven track record of strong leadership, and he recognizes the challenges we must confront, and the opportunities we have now to advance our purpose. I am honored to lead HCSC, a company that for more than 90 years has focused on innovation, execution and through the dedication of our nearly 24,000 employees helped expand access to quality, cost-effective health care to all Americans, said Maurice Smith. Aetna, for example, combined with CVS Health 18 months ago to combine leading insurance and pharmacy offerings. Roosevelt University is a national leader in educating socially conscious citizens for active and dedicated lives as leaders in their professions and their communities. He brings a broad perspective and deep understanding of the industry to his role from his 30 years of service with the company. In this role, Smith is responsible for overall strategic direction of the company including the organization's long-term growth strategy. One option is Adobe Reader which has a built-in screen reader. May 05, 2020, 14:02 ET. A Mutual Legal Reserve Company, HCSC is an independent licensee of the Blue Cross and Blue Shield Association. Blue Cross and Blue Shield of Illinois is a division of HCSC, a . Crains Chicago Business reported that the layoffs come a month after HCSC got rid of a few dozen middle management jobs and six months after CEO Paula Steiner left the company. Blue Cross and Blue Shield of New Mexico is a division of HCSC, a . Connect with intelligence [object Module] Products Web Platform Chrome Plugin API. Crain's has learned Steiner clashed with HCSC directors over long-term growth plans at the nation's sixth-largest health insurer. Blue Cross of Illinois parent company, Health Care Service Corp., announced Tuesday it will slash about 400 positions to ready itself for fast industry growth, according to reports. Maurice previously was President of Blue Cross and Blue Shield of Illinois, the state's largest health insurance . [3], In January 2020, HCSC announced that it was cutting about 400 employees, most of them in middle management, in order to reduce organizational redundancy and improve decision making efficiency.[4][5]. HCSC is the country's largest customer-owned health insurer, with nearly 17 million members across its health plans in Illinois, Montana, New Mexico, Oklahoma and Texas. As president, Maurice Smith is responsible for overall strategic direction of the company including the organizations long-term growth strategy. Jul. CHICAGO - Health Care Service Corporation (HCSC) announced today that its Board of Directors has named current president, Maurice Smith, as chief executive officer and president, effective June 1, 2020.At that time, David Lesar, will step down as the company's interim CEO; he will remain a member of the Board of Directors. 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Such strategies will be tested in the future as the health care system continues to grapple with the spread of the coronavirus strain COVID-19 and high unemployment that is expected to disrupt health insurance coverage for many. Jan 2021 - Present2 years 3 months. The Board and I look forward to working with him and the rest of the HCSC team to ensure a continued success in simplifying the health care experience and helping people achieve their health care goals.. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. maurice smith actor Los Angeles County, CA. Smith began his career as an intern at HCSC in 1993. E-mail oureditor David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Will His AI Plans Be Any Different? Elected CEO in June 2020 . Maurice joined HCSC nearly 27 years ago as an intern. All Rights Reserved. To view this file, you may need to install a PDF reader program. Maurice Smith. Smith began his career at HCSC in 1993 and has served in a wide variety of roles, including business development, corporate transactions and as President of Blue Cross and Blue Shield of Illinois. Health Care Service Corporation is the licensee of the Blue Cross and Blue Shield Association for five states. CHICAGO, May 5, 2020 /PRNewswire/ -- Health Care Service Corporation (HCSC) announced today that its Board of Directors has named current president, Maurice Smith, as chief executive officer and . Greg Thompson Suite 3200 University of Chicago. Their struggles were hardly surprising, given the substantial changes in the roster coach Luke Richardson is working with. 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You are leaving this website/app ("site"). CHICAGO - Health Care Service Corporation (HCSC) announced today that its Board of Directors has named current president, Maurice Smith, as chief executive officer and president, effective June 1, 2020.At that time, David Lesar, will step down as the company's interim CEO; he will remain a member of the Board of Directors. Roosevelt University students Sophia Gallo, Nazarii Mykhailenko and Rachelle Vinson were presented the American Dream Award, a scholarship sponsored by BlueCross BlueShield of Illinois, on October 17. Health Care Service Corporation is a Mutual Legal Reserve Company and an Independent Licensee of the Blue Cross and Blue Shield Association. He brings a broad perspective and deep understand ing of the industry to his role from his 28 years of service with the company. The company operates the Blue . At that time, David Lesar, will step down as the companys interim CEO; he will remain a member of the Board of Directors. For more information, please visitHCSC.com, visit ourFacebookpageor follow us onTwitter. CHICAGO, May 5, 2020 /PRNewswire/ -- Health Care Service Corporation (HCSC) announced today that its Board of Directors has named current president, Maurice Smith, as chief . One option is Adobe Reader which has a built-in screen reader. He has an MBA from Pepperdine University and a bachelors degree from Roosevelt University. He has held . A potential contender for the permanent role is newly named HCSC President Maurice Smith, who has been with the organization for more than two decades and led Blue Cross of Illinois before Steiner's departure. Blue Cross and Blue Shield of Oklahoma is a division of HCSC, a . The Hawks failed to score in the last 59 minutes Saturday and suffered their fourth consecutive loss. He holds an MBA from Pepperdine University and a bachelors degree in business administration from Roosevelt University. He succeeds Board of Trustees chair Patricia Harris, former chief global diversity officer of McDonald's Corporation. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. greg_thompson@hcsc.net. On average, employees at HCSC stay with the company for 5.9 years. Maurice Smith Owner, PMI, Inc Scottsdale, AZ. Since that time, he worked in many functions at HCSC assuming increased responsibility, excelling in each position and demonstrating solid strategic leadership. Maurice previously was President of HCSC's Illinois Plan, the state's largest health insurance company. And Anthem this year launched its own pharmacy benefit manager, IngenioRx. With 16 million members, HCSC's revenue increased 10 percent to $35.9 billion last year. Meanwhile, Cigna bought pharmacy benefit manager Express Scripts for $67 billion last year. The two, which intend to transform health care delivery, are in the process of launching a network to provide more vulnerable beneficiaries with access to local resources to address social factors that affect health. Currently working as President, Blue Cross and Blue Shield-Illinois at Hcsc in Illinois, United States. Maurice Smith is President and Chief Executive Officer of HCSC. You are leaving this website/app ("site"). You are leaving this website/app ("site"). This new site may be offered by a vendor or an independent third party. Im not a victim, baby, the comedian says, also commenting on Jada Pinkett Smith, trans people and selective outrage.. HCSC's revenue continues to be concentrated in Illinois and Texas, accounting for 83% of premium for the full year 2017. "Maurice has deep industry experience and a proven track record of strong leadership, and he recognizes the challenges we must confront, and the opportunities we have now to advance our purpose. 2023, Roosevelt University, All Rights Reserved. Here's why this giant health insurer is looking for a new CEO. Insurers are under pressure from employer groups, the government and the market "to go out there and do something different.". Suite 3200 Revenues last year totaled $38.6 billion, making it the country's sixth-largest health insurer. maurice smith hcsc wife. The company reported annualized return on capital of greater than 40% through the first half of 2018, where achieving a high single-digit ROC would be consistent with Fitch's median guideline for the current rating category. But, over the next few years, covering the cost of care for those who continue to fall sick while the country works toward a vaccine and more effective therapies will be added to the surgeries and routine care that now are slowly returning. He previously served as president of Blue Cross and Blue Shield of Illinois where he was responsible for the overall financial performance, long-term growth strategy . CHICAGO - Health Care Service Corporation (HCSC) announced today that its Board of Directors has named current president, Maurice Smith, as chief executive officer and president, effective June 1, 2020.At that time, David Lesar, will step down as the company's interim CEO; he will remain a member of the Board of Directors. Smith, author of the acclaimed novel "White Teeth," stepped up to the plate and delivered a hilarious, updated tale with the bawdy protagonist, Alvita with "The Wife of Willesden." Smith . Sources identified him then as a contender for the top job, which has been held in the meantime by interim CEO David Lesar, who now will return to his previous role as a board member. He brings a broad perspective and deep understanding of the industry to his role from his 30 years of service with the company. Maurice Smith, who took the helm last June, got a 63 percent boost to $5.9 million, while longtime board Chairman Milton Carroll's pay jumped 81 percent to $8.9 million. "The board and I look forward to working with him and the rest of the HCSC team to ensure a continued success in simplifying the health care experience and helping people achieve their health care goals," Lesar said in the same statement. The independently released project covers an Al Green classic entitled, "Simply Beautiful", which Maurice manages to add his own unique flavor to; thus, opening a whole new generation to the already timeless song. After three years at the helm, CEO Paula Steiner left the Chicago-based health insurance giant last monthfollowed by Chief Financial Officer Eric Feldstein. CHICAGO - Health Care Service Corporation (HCSC) announced today that its Board of Directors has named current president, Maurice Smith, as chief executive officer and president, effective June 1, 2020.At that time, David Lesar, will step down as the company's interim CEO; he will remain a member of the Board of Directors. The board and I look forward to working with him and the rest of the HCSC team to ensure a continued success in simplifying the health care experience and helping people achieve their health care goals., Health Care Service Corp. CEO Maurice Smith. Revenues last year totaled $38.6 billion, making it the country's sixth-largest health . Jean-pierre Yvaral Abraham Lincoln Ltd D Serigraph Hand Signed Loa. We will continue to take action to focus and execute on a strategy that will propel this exciting and innovative company into the next phase of its evolution, while providing long-term value to customers, medical and other health care providers, employees and other partners in the dynamic health care industry. "Roosevelt's focus to increase access to education for all has never been more important," said Smith. Throughout his nearly 27 years of service with HCSC, he also has previously served as president of Blue Cross and Blue Shield of Illinois where he was responsible for the . Smith's three-year term will begin September 1, 2021. Thompson said the company doesnt plan any additional job cuts. Wed. 2021. Moving forward, HCSC will likely seek growth in Medicaid and Medicare Advantage, Akers says. There has been some speculation that it could become a part of Anthem, an investor-owned publicly traded operator of Blue Cross and Blue Shield plans in 14 states. Health Care Service is the parent of Blue Cross and Blue Shield plans in Illinois, Texas, Oklahoma, New Mexico and Montana. Copyright Health Care Service Corporation. BCBSTX is a Division of Health Care Service Corporation (which operates Blue Cross and Blue Shield plans inTexas,Illinois,Montana,OklahomaandNew Mexico), the country's largest customer-owned health insurer and fourth largest health insurer overall. 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Alongside Blue University, HCSC has partnered with local universities where it operates to offer master's degree and certificate partnerships for employees. The company was founded in 1936 and is based in Chicago, Illinois with a network of offices in the United States. Get Hcsc company's verified contact number +1*****725, web address, revenue, total contacts 528, industry Healthcare, Pharmaceuticals, & Biotech and location at Adapt.io See Maurice S Smith's compensation, career history, education, & memberships. Steiner and Feldstein could not be reached for comment. Indiana State recruit Jailah Pelly put OFallon ahead to stay at 58-56 with a basket with 2:26 left in the second overtime. Health Care Service is the nations fifth-largest health insurer with nearly 16 million health plan members. In an internal memo about the layoffs, HCSC President Maurice Smith told employees, "We made a number of changes to ensure we have the structure and resources to best serve our members now and . 2 in New Mexico and Texas, according to data compiled by the Kaiser Family Foundation. Still, HCSC directors worried the company wasn't building the heft and capabilities to keep pace with larger competitors and marketplace changes. "On behalf of the entire Board of Directors, I am pleased that Maurice will lead HCSC at this critical time for the company and our country as we continue to work through the challenges of the COVID-19 pandemic," said David Lesar. http://access.adobe.com. In addition, some sites may require you to agree to their terms of use and privacy policy. Now it needs a new CEO pronto. In each incident, the suspect forced his way inside restaurants, sometimes shattering glass, taking items and fleeing on foot, police said. As president, Maurice Smith is responsible for overall strategic direction of the company including the organization's long-term growth strategy. Click below to see everything we have to offer. Solutions Sales Marketing. Smith holds a bachelor's degree in business administration from Roosevelt University and an MBA from Pepperdine University. He also served as the chairman of the board of directors for DearbornLife Insurance Company, a subsidiary of HCSC. [6] Blue University will focus on a number of topics such as healthcare management, leadership, marketing and sales, technology, and service delivery to name a few. Blue Cross and Blue Shield ofTexas(BCBSTX) the only statewide, customer-owned health insurer inTexas is the largest provider of health benefits in the state, working with nearly 80,000 physicians and health care practitioners, and 500 hospitals to serve 6 million members in all 254 counties. 130 E. Randolph St. Maurice Smith contract and salary cap details, including signing bonus, guaranteed salary, dead money, roster bonuses, and contract history. HCSC booked $38.6 billion in revenue last year while paying a total of $25 million for CEO services (that includes . Roosevelt University alum Maurice Smith, President and Chief Executive Officer of Health Care Service Corporation (HCSC), has been named chair of the Roosevelt University Board of Trustees. "Mauricehas deep industry experience and a proven track record of strong leadership, and he recognizes the challenges we must confront, and the opportunities we have now to advance our purpose, Lesar said in a statement. Net income more than tripled to $4.1 billion, due mostly to the Trump administration's 2017 tax law changes, as revenue rose 10% to $36 billion. Under pressure to reduce health care costs and improve outcomes for members, HCSC's rivals have found creative ways to get closer to patients. CHICAGO - Health Care Service Corporation (HCSC) announced today that its Board of Directors has named current president, Maurice Smith, as chief executive officer and president, effective June 1, 2020.At that time, David Lesar, will step down as the company's interim CEO; he will remain a member of the Board of Directors. Prasad will report to Maurice Smith, president and chief executive officer of HCSC, and will lead the organization's strategic efforts including long-term planning, business and corporate . Throughout his nearly 27 years of service with HCSC, he also has previously served as president of Blue Cross and Blue Shield of Illinois . We will continue to take action to focus and execute on a strategy that will propel this exciting and innovative company into the next phase of its evolution, while providing long-term value to customers, medical and other health care providers, employees and other partners in the dynamic health care industry. CHICAGOVentas, Inc., (NYSE: VTR) announced that Maurice Smith, president and CEO of Health Care Service Corporation (HCSC), has been appointed as an independent member of its board of directors effective immediately. 1-877-812-1590, Pritzker meeting with Walgreens after backing off on abortion pill, Walgreens wont sell abortion pills in 20 states after warning, Walgreens cuts its stake in Option Care Health, Sponsored Content: Luxury Home of the Week, The Most Powerful Women In Chicago Business. HCSC is the fifth-largest health insurer in the US overall and employs more than 23,000 people. Steiner's departure last year was reported to be the result of a clash with board members over strategy. Prior to being named president of HCSC, Maurice was president of Blue Cross and Blue Shield of Illinois where he was responsible for the overall strategic direction for Illinois health plan including the organization's long-term growth strategy, planning and performance. [2], HCSC reported a strong underwriting profit in 2017 after losses related to Affordable Care Act (ACA) exchange-sourced business in 2014 and 2015. Other Adobe accessibility tools and information can be downloaded at http://access.adobe.com. All Rights Reserved. Smith was named CEO of HCSC in 2020, when he was also recognized as one of Modern Healthcare's 100 Most Influential People in Healthcare. About Health Care Service Corporation To view this file, you may need to install a PDF reader program. You are leaving this website/app ("site"). Health Care Service Corporation (HCSC) announced today that its Board of Directors has named current president, Maurice Smith, as chief executive officer and president, effective June 1, 2020. "I look forward to working closely with the university's committed leadership, faculty, staff, and students to build on Roosevelt's history of advancing the social justice mission through education and knowledge.". Other Adobe accessibility tools and information can be downloaded at President, HCSC. HCSC, which owns Blue Cross & Blue Shield plans in Illinois and four other states, has stayed out of the large-scale dealmaking that's reshaping health care in the U.S. 130 E. Randolph St. In addition, An income tax benefit related to the enactment of the Tax Cuts and Jobs Act equal to $833 million contributed to the sizeable ROC ratio during the first half of 2018. Blue Cross and Blue Shield of Montana is a division of HCSC, a . All Rights Reserved. Health Care Services Corp. CEO Maurice Smith. It's clear, Pliss adds, that HCSC's focus has been, "What's valuable for our members today, rather than what's going to be valuable for the market three years from now?". Maurice Smith. HCSC offers group life, disability, and dental policies, as well as a range of other individual policies. At that time, David Lesar, will step down as the companys interim CEO; he will remain a member of the Board of Directors. He has . Smith, 48, who has been with HCSC for nearly 27 years and joined as an intern, will become HCSC CEO effective June 1. Smith, who joined Health Care Service as an intern nearly 27 years ago, will be the first permanent CEO of Health Care Service since Paula Steiner surprised company observers by stepping down less than a year ago after a four-year stint as the companys top executive. Smiths current philanthropic endeavors include actively serving on the boards of the Civic Consulting Alliance, Chicago Council on Global Affairs, Roosevelt University and the Common Ground Foundation. Health Care Service Corporation is the countrys largest customer-owned health insurer and fifth largest health insurer overall, with nearly 16 million members in its health plans in Illinois, Montana, New Mexico, Oklahoma and Texas. But getting bigger quickly, likely through acquisitions, may be the top item on the new CEO's agenda. A potential contender for the permanent role is newly named HCSC President Maurice Smith, who has been with the . Yet in 2015, Fitch Ratings assessed its financial strength still at 'A+' and gave it an 'A' for likelihood of default and senior unsecured rating. Bloomberg's Alix Steel and Paul Sweeney harness the power of Bloomberg Intelligence to provide in-depth research and data on more than 2,000 companies and 130 industries.